Billionaire investor Ron Baron told CNBC's Squawk Box on September 16 that now is the time to buy Tesla stock, pointing to Full Self-Driving adoption rather than Robotaxi or Optimus as his reason. Tesla's FSD subscriptions reached 1.48 million in Q2 2026, up 56% year over year, with more than 55% of new North American deliveries now including the feature.
Baron's case centers on FSD, not robots
Ron Baron, founder and CEO of Baron Capital, went on CNBC's Squawk Box on September 16 and said the time to buy Tesla stock is now. Baron put Full Self-Driving at the center of his thesis, framing it as an approaching inevitability for the average car buyer rather than a speculative bet.
Baron did not spend much time on humanoid robots. Asked how much of his Tesla thesis rests on cars versus robots, he said he's "not giving a lot to the robots".
FSD subscriptions rise 56%
Tesla reported 1.48 million active FSD subscriptions in the second quarter, up 56% year over year. More than 55% of new North American deliveries now come with the subscription feature activated, suggesting self-driving software is becoming the default choice rather than an add-on.
Services revenue, which captures FSD subscriptions, grew 50% year over year to $4.6 billion in the second quarter. That margin profile acts more like software, in contrast to Tesla's capital-intensive hardware or labor-intensive energy system installations.
Druckenmiller's parallel bet
Stanley Druckenmiller's family office added roughly $53 million in Tesla call options during the second quarter, a move several analysts read as a targeted bet on FSD subscription growth rather than Robotaxi or Optimus. Baron's public comments echo that same emphasis on FSD over the company's other AI projects.
Baron's nearly $30 billion in Musk-related exposure through Tesla and SpaceX, which includes a Tesla stake worth about $4.7 billion, is "enough" by his own description — a sign he isn't adding fresh capital at the moment even as he recommends the stock to others.
Tesla stock still looks expensive against General Motors and Ford on a vehicles-only basis. But the FSD attach rate is what bulls like Baron point to as evidence that Tesla is becoming a platform business rather than just an automaker.
Sources: The Motley Fool, Crypto Briefing
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